By Marcie Geffner - Bankrate.com
Mike Ryan was so skeptical of reverse mortgages that he thought for two years about getting one before he finally did it. The idea of taking equity out of his house, tax-free and with no monthly payments, was appealing. But still, he wasn't sure.
Then Beth Paterson, executive vice president at Reverse Mortgages SIDAC, a division of Greenleaf Financial, in St. Paul, Minnesota, told Ryan he could sell his current home and use a reverse mortgage to buy a new home.
With that in mind, he was sold.